We asked the builders in the field of blockchain and cryptocurrency what they think about the industry… We randomly added some zingers to keep them alert!
This week, we have 6 questions for co-founder Xiao Yi, Group Executive Chairman and Managing Director The head of Animoca Brands, he leads various NFT projects.
Yat is a senior technology entrepreneur and investor. He is the co-founder, group executive chairman and managing director of Animoca Brands. Animoca Brands is a global leader in the field of blockchain and games. Its mission is to serve global gamers And Internet users provide digital property rights. Animoca seeks to create a new asset class, game earning economy and a fairer digital framework to promote the construction of an open metaverse.
Yat started his career in Atari Germany in 1990. In 1995, he moved to Hong Kong and founded Hong Kong Cybercity/Freenation, the first free web and email provider in Asia. In 1998, he founded Outblaze, an award-winning pioneer in multilingual white label web services. In 2009, he sold Outblaze’s messaging division to IBM and transformed Outblaze into an incubator for projects and companies that develop digital entertainment services and products. One of these incubator projects is Animoca Brands.
1 – From smart contracts to DApp, NFT and DeFi, we have seen the next “killer application” of many cryptocurrencies, but they have not really taken off yet. What will stick?
Killer applications of encryption have emerged, they just need further growth and penetration. Games are killer apps—more specifically, GameFi. Games like Axie Infinity and The Sandbox attract thousands of imaginations and grow accordingly by letting users own and benefit from their own game content. The top DApps are often games (DappRadar currently lists 6 games in the top 10 DApps), and I don’t expect this situation to change.
2 – If you invest in startups now, what kind of blockchain-based business opportunities will attract your attention?
In fact, we are actively investing in blockchain companies (startups and non-startups) around the world. We are particularly interested in projects that can drive mass adoption, so we believe that companies related to Metaverse are critical to future growth. I’m not only referring to the builders of the Metaverse world, but also companies that provide open assets that will be used in Metaverse-for example, virtual car manufacturers rather than entire racing games.
Another important quality we look for is openness. We invest in the development of open Metaverse projects and promote the delivery of true digital property rights based on assets whose utility comes from openness, interoperability and composability. This includes platforms and protocols (Flow, Polygon, etc.) and markets (OpenSea, Bitski, BNV, etc.), as well as consumer products such as games and worlds. Essentially, the company we invest in must be open.
What I worry about is that the large Web 1.0 and 2.0 companies that already enjoy huge user advantages will try to shape Metaverse into a series of closed systems that run on their terms and run under their full control. These proprietary meta-universes are unlikely to be very democratic and will lack openness and digital property rights, which should correctly characterize the next iteration of our online experience.
I think it’s unlikely that tech giants like Facebook will provide their metaverse users with any meaningful ownership – or they might do so at face value, but then implement strict content and usage permissions, as we are in today As seen in social media services.No Digital property rights, It is impossible to create a democratic, responsible, and fair Metaverse.
3 — Which countries have done the most to support blockchain-which countries will fall behind?
The winners in this area will be countries that have a history of service substitution and/or fast-growing financial products and are highly supportive of blockchain-such as Liechtenstein, Singapore and Switzerland.Other winners will include highly developed economies that contribute to and promote the blockchain industry-for example, Germany specific fund Allow pension funds and insurance companies Holds up to 20% of the investment As a cryptocurrency, as well as a stock exchange (Deutsche Boerse) and a major bank (Commerzbank) Already invested Support NFT transactions.
Countries that are experimenting and investing in the blockchain field will attract growth and the best and brightest talents, while those that do not will not only miss the benefits of technology, but also talents. An example of this is how Australian crypto companies moved to places such as Singapore and greatly reduced Australia’s competitiveness in this important and growing technology and financial sector.
Not only have cryptocurrency experts and similar stakeholders issued alerts about missed opportunities in Australia, but they have also been received by respected industry sources, such as the CEO of National Australia Bank, one of the country’s major financial institutions. one.
Despite the risks and lack of clarity in regulatory agencies, countries with deep-rooted disruptive innovation cultures such as the United States continue to make progress in the blockchain field. I think that despite more regulation, the United States will still be the key environment for blockchain-related companies and related venture capital (global crypto growth is largely driven by U.S. venture capital and other capital). Regulation is very important, and I hope it can be achieved without stifling growth and innovation.
The biggest losers will be countries that reject the application of blockchain (including encryption), especially countries that reject the entire field of digital assets.Use alternative and Irreplaceable tokens Provide an open and transparent value system in which growth is driven by network effects. The more people join this new open system, the stronger it will become, while the old closed network becomes more isolated and less attractive.
For a country, rejecting blockchain and cryptocurrency is like rejecting accession to the World Trade Organization and rejecting global free trade.
4 — What talents do you lack and hope to possess? If you own it, how would you use it?
I am a bad singer, which is ironic, because my mother is a former opera singer and director, and I actually studied music. As part of the entrance exam for the Conservatory, I had to sing, which was very difficult. If I can sing well, I may be more active in music, because singing is an easily accessible cultural expression (can be done anytime, anywhere, without equipment, alone or in a group).
I would definitely be very happy to be able to perform as a singer, not just as a listener, especially since many of my jobs require translation and dissemination of various forms of culture. However, my lack of singing talent meant that I left this activity to my family, especially my mother.
5 — If you don’t need sleep, what would you spend the extra time for?
Now, I may devote most of my extra time to more work-there are many important things to do, and I really like my work! But if I really don’t need to sleep, I will try to evenly distribute the extra time to more work, more family, and more personal time. Family time sometimes does require me to buy NFT and play games with my children (my eldest son is an active blockchain game player and NFT collector), so some family time can also be counted as working time, which is useful for me !
6 — What is the most embarrassing moment in your life?
I like hiking. A few years ago, a friend and I went hiking on Lantau Island in Hong Kong. We finally struggled through the densely vegetated headland, which was hot and humid and uncomfortable. We were scratched by sharp branches, attacked by swarms of insects, choked by the smelly air-hiking is one of the things that is not fun. A stone’s throw away, through the bushes and haze, we caught a glimpse of the sea. We agreed that it would be better to walk along the water while enjoying the fresh sea breeze, so we went there.
We left the intricate vegetation and came to the top of a steep cliff that I must admit now. Below the cliff, the rocks meet the sea. My friend pointed out that we had no way to go down the cliff, but at that time I just wanted to leave the insect-infested bushes behind us, and the only other way was to go down the cliff.
It was a scorching hot day, and I might have a little heat stroke. I asked Ibrahim El-Mouelhy, my hiking partner that day, and today our chief communications officer, to describe the incident:
“Yi has always been an adventurer and optimist, and this was especially evident that day. He strode purposefully to the edge of the cliff and confidently asserted that we would be able to climb down the beach. To me, the cliff looked high. And steep, the “beach” is like a pile of jagged rocks. Yi took off his backpack and threw it off the cliff. Then he turned around casually and jumped back from the edge.
“I was paralyzed in shock and fear. I believe this is the end of the future industrial leader Xiao Yi, but now I am a tragic victim of heat stroke. However, almost immediately, I heard him cry for help. I rushed to the edge of the cliff. Looking down, there I saw Yat struggling on an undoubtedly vertical slope to grab the spiky grass and frayed dirt. He has obviously changed his mind about the negotiability of his route, and is now just working hard Avoid a straight descent to his possible death. In the distance below him, the rock looks particularly jagged and sharp.
“Cheer up, I reached out and grabbed Yi’s hand. I’m a big man and I’m used to lifting weights, so I think it’s easy to pull him up. Wrong. When I tried to lift him, our combination made my feet Directly breaking through the edge of the cliff, the result is composed of messy vegetation and mud, rather than bedrock that is more suitable for these Hollywood antics.
“When the edge of the cliff disintegrated under our weight, I almost fell off the cliff myself. The situation deteriorated rapidly, from ordinary single-soldier pulling to a painful attempt to resist death. Every time I got off the cliff. When I took a step back, the ground under my feet would collapse. I had to throw back while pulling Yi’s arm. In this way, we climbed back to a safe place. It probably only took a few minutes to pull Yi off the cliff. But those were some very stressful moments. Fortunately, we made it alive.
“After all, we had to go back to the hellish bushes and hike for more than an hour to find a (traditional) way to retrieve Yat’s backpack.”
One wish for the blockchain community:
In general, the blockchain community shoulders the extremely important task of building an open Metaverse, in which users will be able to own their own assets and data. To own your data is to own your future and be free. This future requires our young people to establish (and establish) an open metaverse and create sufficient quality and relevance so that even closed systems need to embrace openness-how open source can change closed sources (if not today’s world will Will be very different) The open source movement of the past few decades. )
I hope that all young and ambitious entrepreneurs will prioritize openness, fairness, collaboration and interoperability in their work, and strive not only for crypto enthusiasts, but also (especially) for billions of users who have not yet encrypted their currencies. Provide the best products. Enter the world of encryption.